While estimating the national income, only the value of the final good – InterviewSolution

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1.

While estimating the national income, only the value of the final goods and services is used.' Explain with the help of an example.

Answer»

ANSWER: Yes, while estimating the NATIONAL income, only the value of the final goods and services is used. This is GDP. GROSS DOMESTIC Product.

Explanation:

GDP is the value of all final goods and services PRODUCED by primary, secondary and tertiary sectors in a given year.

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